Genesis Digital Assets Raises $125M to Expand its Mining Operations

Large-scale Bitcoin-mining company, Genesis Digital Assets has raised $125 million in a new funding round.

According to a Wednesday announcement, the capital will be dedicated to the purchase of new equipment while the rest of it will be used to establish new data centers in the United States and in the Nordic region, in addition to their current 20 industrial-scale mining farms.

Commenting on the development, Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, said: “Our mission is to provide the infrastructure that will power the open-source monetary system revolution…”

The funding round was led by UK-based private equity investment management firm Kingsway Capital. 

Manuel Stotz, the CEO of Kingsway Capital, acknowledged that Bitcoin is a unique technology that has bright future prospects. He said:

Bitcoin is going to be the most important technology for the financial inclusion of the global poor and unbanked” and mining is the key to making this possible. 

Stotz, who is now on Genesis Digital Assets’ board of directors, also stated his reasons for joining hands with Genesis Digital Assets.

The GDA team has been building highly profitable large-scale bitcoin mining farms for nearly eight years…there’s no one else in the bitcoin mining industry that has this level of experience and we’re incredibly excited to support their next wave of growth and long-term vision.

Genesis Digital Assets is however not the only firm that plans on expanding its operations. A report by Coinfomania last week stated that Bitcoin mining firm Iris Energy also plans to increase its capacity by purchasing high processing mining equipment. Iris Energy is planning a $200 million raise ahead of a possible Nasdaq listing later this year.

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